Russia’s Federal Antimonopoly Service (FAS) has approved the application of the Club-Hotel LLC, a company of businessman Alexander Govor, to acquire the Russian business of McDonald's, the regulator said in a statement, APA reports citing TASS.
The seller has the right to buy the business back on market terms within 15 years.
"The Federal Antimonopoly Service approved the request of Club-Hotel LLC to acquire the Russian business of McDonald's. At the same time, the seller has the right to buy the business back on market terms within 15 years," the watchdog says.
According to the FAS, the deal will not lead to a restriction of competition in the catering market, will save jobs for employees and ensure the further activities of the backbone organization within the country.
McDonald's suspended operation of all 850 of its restaurants in Russia on March 14, shortly after the start of Russia's special military operation in Ukraine.
On May 16, the company, whose share in the catering market reached 7%, announced its withdrawal from Russia.
Through the mediation of the Industry and Trade Ministry the corporation sold its business to its licensee Alexander Govor.
The chain will operate under a new brand and with new menu names, and all employees will retain jobs "under equivalent terms" for at least two years.
The company said the chain will open in Russia on June 12 under the new brand.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on Facebook
Follow us on Twitter
